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AXA INVESTPLUS the («SICAV») L.B.R Semi-Annual Report as at 31 March 2021 AXA INVESTPLUS The («SICAV») L.B.R. Luxembourg B - 26.830 AXA Funds Management S.A. R.C.S. Luxembourg B-32.223 AXA INVESTPLUS (The “SICAV”) Société d'Investissement à Capital Variable Unaudited Semi-Annual Report as at 31 March 2021 AXA INVESTPLUS Unaudited Semi-Annual Report as at 31 March 2021 No subscription can be received on the sole basis of the present report. Subscriptions are only valid if made on the sole basis of the current Full Prospectus supplemented by the application form, the Key Investor Information Documents ("KIID"), the latest annual report and the latest semi-annual report if published hereafter. 4 ▪ SEMI-ANNUAL REPORT AXA INVESTPLUS AXA INVESTPLUS Table of contents General Information 6 Information to Shareholders 8 Directors' Report 9 Financial Statements Statement of Net Assets 12 Statement of Operations and Changes in Net Assets 14 Statistics 16 AXA INVESTPLUS - EQUITY CORE ° Schedule of Investments and Other Net Assets 18 ° Classification 19 AXA INVESTPLUS - EQUITY SATELLITE ° Schedule of Investments and Other Net Assets 20 ° Classification 21 AXA INVESTPLUS - BONDS CORE ° Schedule of Investments and Other Net Assets 22 ° Classification 23 AXA INVESTPLUS - BONDS SATELLITE ° Schedule of Investments and Other Net Assets 24 ° Classification 25 AXA INVESTPLUS - ALTERNATIVE DEFENSIVE ° Schedule of Investments and Other Net Assets 26 ° Classification 27 Notes to the Financial Statements 28 Additional Appendix 35 SEMI-ANNUAL REPORT AXA INVESTPLUS ▪ 5 AXA INVESTPLUS General Information Registered Office of the SICAV 60, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Board of Directors Chairman Mr Robert Bosmans, Chief Commercial Officer, ARCHITAS S.A., residing in Belgium Members Mr Jean Bertin, Chief Operating Officer, ARCHITAS S.A., residing in Belgium (resigned on 15 April 2021) Mrs Nia lngman, Senior Product Manager, Architas Multi-Manager Limited, residing in United Kingdom Mr Mark Summerbell, Head of Funds, Architas Multi-Manager Limited, residing in United Kingdom (resigned on 30 April 2021) Mr Rémi Lambert, Deputy Chief Executive Officer and Chief Investment Officer, ARCHITAS FRANCE, residing in France Mr Koen Pierreux, Head of Portfolio Management, ARCHITAS S.A., residing in Belgium Management Company (qualifying as an Alternative Investment Fund Manager (“AIFM”)) AXA Funds Management S.A., 49, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Board of Directors of the Management Company Chairman Mr Jean-Louis Laforge, Research Technical Director and Deputy Chief Executive Officer, AXA Investment Managers Paris, residing in France (resigned on 16 June 2020) Mr Godefroy de Colombe, Global Chief Operating Officer, AXA Investment Managers Paris, residing in France (appointed on 28 April 2020 and approved by the CSSF on 16 June 2020) Members Mrs Beatriz Barros de Lis Tubbe, Head of Client Group for Spain of AXA Investment Managers, residing in Spain (appointed on 9 November 2020 and approved by the CSSF on 22 December 2020) Mr Laurent Jaumotte, Chief Financial Officer, AXA CZ and SK entities, residing in Czech Republic (resigned on 15 October 2020) Mr Fabien Lequeue, Country Head, General Manager, AXA Funds Management S.A., residing in Belgium Mr Jean-Louis Laforge, Research Technical Director and Deputy Chief Executive Officer, AXA Investment Managers Paris, residing in France 6 ▪ SEMI-ANNUAL REPORT AXA INVESTPLUS AXA INVESTPLUS General Information Portfolio Manager ARCHITAS S.A., 36 Boulevard du Souverain, B-1170 Brussels, Belgium Sub-delegated Portfolio Manager Architas Multi-Manager Europe Limited, 6th Floor, 2 Grand Canal Square, Dublin 2, Ireland Depositary, Transfer Agent, Domiciliary, Administrative and Principal Paying Agent BNP Paribas Securities Services S.C.A., Luxembourg Branch, 60, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Auditor Deloitte Audit, Société à responsabilité limitée, 20 Boulevard de Kockelscheuer, L-1821 Luxembourg, Grand Duchy of Luxembourg Legal Adviser Elvinger Hoss Prussen, 2 Place Winston Churchill, L-1340 Luxembourg, Grand Duchy of Luxembourg SEMI-ANNUAL REPORT AXA INVESTPLUS ▪ 7 AXA INVESTPLUS Information to Shareholders The Full Prospectus, the Articles of Association, as well as any other information published are available at the registered office of the SICAV and the Alternative Investment Fund Manager ("AIFM"). The annual reports including audited financial statements and the unaudited semi-annual reports can be obtained at the registered office of the SICAV, the Depositary and the Paying Agent. The Net Asset Value is determined on a daily basis. The financial year of the SICAV ends on 30 September of each year. 8 ▪ SEMI-ANNUAL REPORT AXA INVESTPLUS AXA INVESTPLUS Directors' Report Dear Shareholders, Your Board of Directors is pleased to report on the progress of your SICAV for the period from 1 October 2020 to 31 March 2021. The Financial markets in 2021 Market Review Over the six months, the key catalyst to the global economy was the continued monetary policy support, an uptick in vaccine supply and distribution, and ample corporate and consumer cash waiting to be deployed. A conclusive outcome to November’s US elections, the announcement and approval of multiple, highly efficacious coronavirus vaccines, along with last-minute Brexit withdrawal and US stimulus deals, all contributed to investors’ increased risk appetite. The US raced ahead in terms of fiscal support and, as a result, is likely to be the fastest-growing developed economy in 2021 with the approved $1.9 trillion American Rescue Plan set to supercharge the US recovery as Covid-19 restrictions are lifted. However, the massive scale of stimulus in the US and globally caused considerable nervousness over inflation. This ultimately hit fixed income returns in what was a brutal quarter for global government bonds while riskier assets such as equities provided strong returns supported by better than anticipated EPS growth. Equity markets In the six months to 31 March 2021, global equity markets demonstrated strong broad-based market performance returning 19.7 % (MSCI ACWI GR LCL). This was predominantly due to vaccine breakthroughs fostering hopes of a return to economic normality and the encouraging prospects of a less disruptive trade policy by the incoming Biden administration. For equity markets, the vaccine announcement in November led to a style rotation, with previously hard-hit ‘value’ sectors rallying and the pandemic ‘growth’ sector winners down. On a regional level, European equities had the strongest returns, rising 23.7% (MSCI Europe GR EUR). This was due to news of effective vaccines with sectors that had previously suffered most severely from the pandemic, such as energy and financials the top gainers. Emerging market equities generated strong returns, up 20.7% (MSCI EM GR LCL). Japanese equities rallied in the period, driven from early November by vaccine-related news and the US presidential election result up 20.2% (TOPIX PR JPY). And US equities also reported double digit gains returning 19.1% (S&P 500 TR USD). Bond markets Bond markets produced mixed results over the period. Overall, the asset class decreased 0.3% during the six month period. In Q4 2020 returns were positive up 4.2% driven by good performance in corporate bonds as they benefited from stronger risk appetite and were supported by bond-buying programmes from central banks. But these gains were wiped out in Q1 2021 as fixed income struggled with yields rising markedly (meaning prices fell) and improving economic growth prospects caused the dormant expectations for inflation to reemerge. This led to losses across interest-rate-sensitive sectors of the market despite the Federal Reserve committing to easy-money policies. Riskier bonds provided the biggest gains, with high yield bonds returning 7.2% (ICE BofA Global High Yield TR LOC Index) amid healthy risk appetite and rising growth expectations. Corporate bonds provided modest returns, up 0.7% (BBgBar Global Credit TR USD) over the period. These outperformed government bonds, which were down over the period (JPM GBI Broad TR LCL Index) and fell 3.3% as government debt markets had their worst run since the 2013 ‘taper tantrum’. SEMI-ANNUAL REPORT AXA INVESTPLUS ▪ 9 AXA INVESTPLUS Directors' Report Investment Manager’s Report – Performance Commentary for 6 months ending 31 March 2021 AXA INVESTPLUS - EQUITY CORE SUB-FUND During the period under review, the net performance of this sub-fund was +18.08%, behind its benchmark (45% MSCI World EUR HEDGED + 20% MSCI World EUR + 25% MSCI EMU + 10% MSCI EM), which accounted for +20.27% over the period. In what was another very strong period for equity markets, we began to see market leadership change somewhat with value and cyclical stocks beginning to outperform quality and growth stocks. This rotation impacted performance throughout some of the period, where the fund had a bias to growth and quality funds; the bias was reduced and removed within the period. In addition, a higher cash allocation, weighed on fund performance in what was an exceptionally strong period for equity markets. Manager selection was strong during the review period. Key alpha contributors were TT Emerging Markets, Selection US, Robeco BP US Premium Equities and Invesco Euro Equity. The main detractors were growth biased holdings such as BGF Continental European Flex, AXAWF Europe Small Cap and Eleva Europe Selection. AXA INVESTPLUS - EQUITY SATELLITE SUB-FUND During the period under review, the net performance of this sub-fund was +17.61%, lower than its benchmark (45% MSCI World EUR HEDGED + 20% MSCI World EUR + 25% MSCI EMU + 10% MSCI EM), which amounted to +20.27% over the period. In what was another very strong period for equity markets, we began to see market leadership change somewhat with value and cyclical stocks beginning to outperform quality and growth stocks. This rotation impacted perfor- mance throughout some of the period, where the fund a had a bias to growth and quality funds; the bias was reduced and removed within the period.
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